How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barrister Your Own Question
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 35783
Experience:  16 years real estate, Realtor. Landlord 26 years
19958803
Type Your Real Estate Law Question Here...
Barrister is online now
A new question is answered every 9 seconds

when i was younger i co-signed for a home in good favor for

This answer was rated:

when i was younger i co-signed for a home in good favor for my mother in law she allowed the house to go into foreclosure and did not inform me until it was too late is it possible to get a home loan if i can prove that she was fully responsible with her written consent?
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
.
is it possible to get a home loan if i can prove that she was fully responsible with her written consent?
.
How long ago was this?
.
Did the lender sue MIL and you and get a judgment against you for any deficiency after the foreclosure?
.
Does this show up on your credit report?
.
.
Thanks
Barrister
Customer: replied 3 years ago.

i am sincerely XXXXX XXXXX if the Lender Sued MIL and yes it appears on my credit report, this happened in 2007

Ok, if they didn't sue her then they couldn't now because the statute of limitations is only 5 years on a breach of contract action in FL.
.
But to be very honest with you, even with something in writing from your MIL, it is going to boil down to your credit score and your income to determine whether you meet their Debt to Income ratios for making a loan. If your credit is above 650, you don't have much debt, and make a good income, then you may be able to find a smaller lender who could make the loan. Smaller lenders have more local decisionmaking authority, unlike the larger banks who send applications up the chain of command for a decision by someone who has never met you.
.
Thanks
Barrister
Barrister and 6 other Real Estate Law Specialists are ready to help you
Customer: replied 3 years ago.

ok great just got word from my MIL she says that the bank was able to sell the property and regain the money lost would that still bear a problem with a credit score of 620 and a good job going on 6 yrs employed by the same company and making 42k salary?

Well that does take the heat off any possible lawsuit judgment. So that is definitely a positive. 620 is pretty much on the edge for lenders. But if you have steady employment and don't have much debt, they may be willing to make a loan. It will be at a higher interest rate than someone with an 800 score, but it isn't out of the question. But I would again suggest you talk to some smaller local lenders first as they will have less strict lending requirements.
.
.
Thanks
Barrister
Customer: replied 3 years ago.

thank you very much for your help it was greatly appreciated. thanks again!!

You are very welcome. Glad I was able to help a bit.
.
.
Thanks
Barrister

Related Real Estate Law Questions